Peapack Gladstone Financial Corp Has $3.42 Million Stake in Simon Property Group, Inc. (NYSE:SPG)

Peapack Gladstone Financial Corp reduced its holdings in Simon Property Group, Inc. (NYSE:SPG) by 2.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,238 shares of the real estate investment trust’s stock after selling 555 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Simon Property Group were worth $3,421,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Wetzel Investment Advisors Inc. bought a new position in Simon Property Group in the 2nd quarter valued at $27,000. Capital Performance Advisors LLP bought a new stake in shares of Simon Property Group during the third quarter worth $30,000. RFP Financial Group LLC increased its stake in shares of Simon Property Group by 727.3% in the second quarter. RFP Financial Group LLC now owns 182 shares of the real estate investment trust’s stock valued at $28,000 after buying an additional 160 shares in the last quarter. Trivant Custom Portfolio Group LLC bought a new position in shares of Simon Property Group in the third quarter valued at about $42,000. Finally, Eastern Bank bought a new position in shares of Simon Property Group in the third quarter valued at about $42,000. 93.01% of the stock is currently owned by institutional investors.

Simon Property Group Stock Up 1.4 %

NYSE:SPG opened at $179.60 on Friday. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 8.20. Simon Property Group, Inc. has a 12-month low of $135.15 and a 12-month high of $186.00. The stock’s fifty day simple moving average is $176.65 and its 200-day simple moving average is $163.67. The firm has a market capitalization of $58.60 billion, a P/E ratio of 23.91, a P/E/G ratio of 10.33 and a beta of 1.75.

Simon Property Group (NYSE:SPG) last issued its earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.00 by ($1.54). The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.32 billion. Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. Simon Property Group’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter last year, the business posted $3.20 EPS. Equities research analysts expect that Simon Property Group, Inc. will post 12.76 earnings per share for the current year.

Simon Property Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 9th will be issued a dividend of $2.10 per share. The ex-dividend date of this dividend is Monday, December 9th. This represents a $8.40 dividend on an annualized basis and a yield of 4.68%. This is a boost from Simon Property Group’s previous quarterly dividend of $2.05. Simon Property Group’s payout ratio is currently 111.85%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on SPG shares. Stifel Nicolaus restated a “hold” rating and issued a $159.00 price objective (up previously from $157.50) on shares of Simon Property Group in a research report on Thursday, September 12th. Piper Sandler reissued a “neutral” rating and issued a $175.00 price target (down previously from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Evercore ISI raised Simon Property Group from an “in-line” rating to an “outperform” rating and upped their price objective for the stock from $160.00 to $172.00 in a report on Monday, September 16th. Truist Financial increased their price objective on Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. Finally, StockNews.com downgraded Simon Property Group from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Seven analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $165.44.

Insider Buying and Selling at Simon Property Group

In other news, Director Allan B. Hubbard purchased 370 shares of the firm’s stock in a transaction dated Monday, September 30th. The stock was bought at an average price of $167.30 per share, with a total value of $61,901.00. Following the acquisition, the director now directly owns 34,301 shares of the company’s stock, valued at approximately $5,738,557.30. This represents a 1.09 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 8.50% of the company’s stock.

About Simon Property Group

Simon Property Group, Inc (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.